It's finally happening. Facebook is going public. The leading social-networking website filed to go public on Wednesday.
As investors probably imagined, Facebook is a ridiculously profitable company given its lean overhead and enviable model where the users are the ones creating the content. Facebook earned $1 billion on $3.7 billion in revenue last year. There are 845 million monthly active users.
Facebook will trade under the ticker symbol FB in a few weeks if everything goes according to plan. Then again, this is Wall Street. Nothing ever really goes as planned.
Briefly in the news
And now let's take a quick look at some of the other stories that shaped our week.
Dice Holdings (NYS: DHX) fell 17% on Thursday after offering up light guidance for 2012. The operator of career-specific websites did post strong fourth-quarter results, but investors are always worried about the future. Snake eyes?
Netflix (NAS: NFLX) took a breather after U.K. satellite television giant BSkyB announced that it will roll out a rival streaming video service. Maybe Netflix should've gone for an expansion market that would have given it a little more leg room. The BSkyB's the limit!
Walgreen (NYS: WAG) posted a 4.6% decline in comps for January. A weak flu season and a sharp drop in prescriptions are the culprits, so I guess the good news is that we're feeling better and getting medicated elsewhere.
Sirius XM Radio (NAS: SIRI) is staging a Bruce Springsteen show to celebrate 10 years of satellite radio. The Boss hasn't had a marketable hit in that time, but when life gives you a terrestrial-radio icon, you make satellite-radio lemonade.
Shuttefly (NAS: SFLY) came through with solid holiday-quarter results, but that snapshot wasn't enough to offset the ugly moving picture in the form of weak near-term guidance.
Until next week, I remain,
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